Beginning of Essay
What distinguishing factors help explain the rapid economic growth experienced by the South Korean economy over the past four decades? As the South Korean economy has reached a more mature stage of its economic growth, what are the evolving challenges it has had t ....

Middle of Essay
.... produced annual GDP growth of 8.4% per annum, second only to China. The success of South Korea, has been identified by a number of factors including the shift away from import substitution strategies towards export orientated industrialisation, and the effective managing of the economy and authoritarian rule adopted by the government in order to accelerate the pace of capital accumulation, technical progress and structural change to produce economic growth beyond what could possibly occur in a free market economy. NIEs, South Korea, are now recognised as ‘export machines’ boasting some of the highest trade/GDP ratios in the world. Internati ....